The price of Bitcoin reached $5500

April 11, 2019

The cryptocurrency market continued to grow in the trading session on Wednesday. The price of Bitcoin has strengthened to the level of 5280 dollars, Ethereum has reached the resistance of 180, and XRP has grown to the level of 0.3570 dollars. The total market capitalization was 183 billion dollars. Bitcoin rate on Wednesday reached a new high since the beginning of this year and came close to the important resistance level of $ 5,300. Break of this mark will allow quotes to grow up to the levels of 5500 and 6000 dollars. Probably in the near future Bitcoin will consolidate in the range of 5000 - 5300 dollars, after which it will continue to grow.

The main cryptocurrencies on Thursday are going down as part of the correction to the growth of the previous days. At the same time, even a positive from the message that XRP can be integrated into Skype as a tool for microtransaction does not prevent them from falling.

Despite this positive message, the XRP rate, according to Libertex, at 9.30 fell by 4% during the day - to $ 0.336, with a capitalization of $ 14.2 billion. Bitcoin by this time has fallen in price by 0.55% - up to $ 5,215 with a capitalization of $ 92 billion. Ethereum lost 5.15% in a day and dropped to a level of $ 171.1 with a capitalization of $ 18.1 billion. Litecoin fell in price by 3.4% - to 85.3 dollars, its capitalization amounted to 5.2 billion dollars.

The largest mining companies, Bitmain and Canaan, said yesterday that a possible mining ban in China would not affect their operations in the short term. At the moment, China ranks first in the world in terms of mining Bitcoin and Ethereum. The National Commission for Reform and Development of China recently proposed banning mining as an undesirable industry. Discussion of the draft by the Chinese legislative authorities will begin no earlier than mid-May. Large companies had previously considered the hypothetical possibility of transferring mining facilities from China to Russia.

The total capitalization of the crypto market has reached $ 177.6 billion. According to financial scouts, the market in the near future will be quite volatile: periods of active growth will often be replaced by a corrective decline. In our forecast for today, we assume a further increase in the price of Bitcoin to the levels of 5300, 5320 and 5350 dollars, strengthening of Ethereum to 182, 185 and 187, and an increase in XRP to the levels of 0.3590, 0.3620 and 0.3650.

The US Congress again introduced a bill that removes cryptocurrencies from the definition of securities. The latest version of the bill is different from the one proposed last year. The document explains the areas of responsibility of the Commodity Futures Trading Commission and the Federal Trade Commission. The bill also provides for the introduction of regulations for enterprises and regulators in the blockchain industry in the United States, and an explanation of government initiatives and regulatory decisions. Earlier this month, the US Congress has already submitted two bills on cryptocurrency. One of them is aimed at solving the issue of price manipulation, and the other at solving the problem of the country's competitiveness in the market of digital assets. Active attempts to incorporate cryptocurrencies into the regulated US sector are supporting the entire virtual asset market.

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